Crypto CEO becomes one of the world’s richest billionaires


Zhao Changpeng has become the world’s largest cryptocurrency billionaire (Image: Bloomberg via Getty Images)

A crypto CEO has become one of the richest people on the planet.

Changpeng “CZ” Zhao, which runs cryptocurrency exchange Binance, has joined the ranks of the world’s top billionaires, with an estimated net worth of at least $ 96 billion, according to new calculations from the Bloomberg Billionaires Index released on Monday.

Zhao’s expected fortune now rivals that of Oracle (ORCL) founder Larry Ellison and surpasses that of Mukesh Ambani, the Indian tycoon whose fortune has also skyrocketed in the past two years.

The rise of the Chinese-Canadian entrepreneur is emblematic of rapid wealth creation in the rapidly evolving world of digital currencies.

Last year, other cryptocurrency founders also saw big gains as the value of virtual currencies rose, and Ethereum creator Vitalik Buterin and Coinbase founder Brian Armstrong became billionaires.

Sam Bankman-Fried, CEO of FTX, another Binance-backed cryptocurrency exchange, said Tuesday “unprecedented wealth creation in the industry in recent years.”

I think there are a lot of people out there trying to figure out what to do with [that]Friedman, who is also a young billionaire, said in a live chat on stage at the Asian Financial Forum in Hong Kong.

On Monday on Twitter, Zhao also seemed to recognize the distinction “Don’t worry about ranking.

“Focus on how many people you can help,” he wrote.

A Binance spokesperson told CNN Business that “CZ intends to give up most of his wealth, even 99% of his wealth, along with other entrepreneurs and founders.

In recent years, other famous business leaders, such as Facebook (FB) CEO Mark Zuckerberg, signed the Giving Pledge, an initiative started by Warren Buffett, Bill, and Melinda Gates to encourage the world’s richest to donate most of his fortune to charity.

Zhao launched Binance in 2017, gradually making it one of the largest cryptocurrency exchanges.

According to a blog post about the company, the executive grew up in an immigrant family in Canada and previously worked at McDonald’s to support his family and Bloomberg.

Zhao continued in another tweet on Tuesday, saying: “Unpopular opinion: Instead of wealth rankings, there should be a ranking of charitable and philanthropic endeavors.

“He then found out about Bitcoin in 2013 during a game of poker, after which he decided to bet on crypto by dedicating his life to it,” according to Binance. “He even sold his apartment to buy bitcoins.”

Like other exchanges, Binance has faced significant regulatory hurdles around the world in recent months, including a ban in the UK and other restrictions in countries like Canada.

Zhao has publicly addressed the setbacks, writing in an open letter last year that “clear regulations are critical for continued growth.”

“More regulations are, in fact, positive signs that an industry is maturing,” he added. “Because this lays the foundation for a broader population to feel safe engaging in crypto.

“He then found out about Bitcoin in 2013 during a game of poker, after which he decided to bet on crypto by dedicating his life to it,” according to Binance. “He even sold his apartment to buy bitcoins.”

Like other exchanges, Binance has faced significant regulatory hurdles around the world in recent months, including a ban in the UK and other restrictions in countries like Canada.

Zhao has publicly addressed the setbacks, writing in an open letter last year that “clear regulations are critical for continued growth.”

“More regulations are, in fact, positive signs that an industry is maturing,” he added. “Because this lays the foundation for a wider population to feel safe engaging in crypto.”




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